First Solar Project Will Support PacifiCorp in Meeting Facebook Clean Energy Goals

TEMPE, Ariz., Oct. 23, 2018 (GLOBE NEWSWIRE) -- A solar power plant developed and to be built by First Solar (Nasdaq: FSLR) will help support Facebook’s Prineville, Oregon Data Center with 100 percent renewable energy.

Through a power purchase agreement (PPA) with PacifiCorp, the 58 megawatt (MW)ACCove Mountain Solar Project located near Enterprise, Utah, will generate renewable energy that will support Facebook’s Prineville Data Center. This agreement is part of a larger deal structure that will support the data center with 100 percent renewable energy.

“We have been pleased to work with both Facebook and PacifiCorp on a collaboration that creates value for all parties,” said Eran Mahrer, First Solar’ Vice President of Markets, Origination and Government Affairs. “This is an exciting example of how utilities and corporations are collaborating to achieve economic benefits for their stakeholders and also advance renewable energy objectives. We are proud to offer First Solar’s project development expertise to help enable this strategic relationship between PacifiCorp and Facebook.”

“We are thrilled that our Prineville Data Center will finally be supported by 100 percent renewable energy,” said Peter Freed, Facebook Energy Strategy Manager. “We appreciate First Solar’s efforts to help us provide solar energy on the same grid as our data center.”

First Solar Senior Director of Corporate Renewables Karl Brutsaert noted that – as clean, renewable solar energy has become one of the cheapest sources of new energy generation available in the United States – companies like Facebook are able to meet their environmental commitments while making smart economic decisions.

“First Solar has been on the leading edge of this trend, and we are well-positioned to work with corporations globally as they develop smart renewable energy strategies that leverage efficient and reliable large-scale offsite generation facilities,” said Brutsaert.

“This project exemplifies an exciting opportunity for solar development to support economic development in both rural Utah and Oregon. As a U.S. manufacturer, we are thrilled to facilitate this type of regional development, which helps create good-paying construction and manufacturing jobs,” said First Solar Vice President of Project Development Kathryn Arbeit.

The Cove Mountain Solar Project will utilize First Solar’s Series 6 thin film modules mounted on single-axis trackers. First Solar expects to begin construction on the project in late 2019, and estimates an average of approximately 200 construction jobs with potential peak construction jobs of nearly 500. Commissioning is expected in late 2020. First Solar Energy Services expects to provide Operations and Maintenance services when the project is commissioned.

About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning: the construction and operation of a 58MWAC solar system. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.